Hascol Petroleum Reports Significant Losses in 2023 Financial Results

Karachi: The Board of Directors of Hascol Petroleum Limited disclosed substantial financial losses in the annual accounts for the year ended December 31, 2023. The results, announced in a meeting held at the corporate office on June 28, 2024, highlighted a challenging year with no dividend declaration.

Hascol Petroleum’s financial statement reflects a steep decline in performance compared to the previous year. Net sales increased to Rs. 162,709.61 million from Rs. 70,973.75 million in 2022. Despite the rise in sales, the company incurred a gross profit of only Rs. 4,613.77 million, slightly up from Rs. 3,182.55 million in 2022. However, operating expenses and substantial finance and exchange losses deeply impacted the bottom line, resulting in a net loss of Rs. 17,814.35 million for the year, worse than the Rs. 14,439.54 million loss recorded in 2022. The loss per share increased to Rs. 17.83 from Rs. 14.45.

According to information available from the Pakistan Stock Exchange (PSX), the consolidated financial statements also painted a grim picture, with the net loss widening to Rs. 18,203.35 million from Rs. 14,498.32 million in the previous year. This was despite an increase in net sales, which reached Rs. 164,552.12 million, up from Rs. 72,453.47 million in 2022.

The Annual General Meeting (AGM) is scheduled for July 24, 2024, and the company’s share transfer books will remain closed from July 18 to July 24, 2024. Stakeholders will need to transfer shares by the close of business on July 17, 2024, to attend the AGM. The annual report will be made available through PUCARS at least 21 days before the AGM, ensuring compliance with regulatory transparency requirements.